#006 | Bitcoin and the Austrian School of Economics with Rahim Taghizadegan

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In this episode I talk with Rahim Taghizadegan about the interconnections between a cryptocurrency like Bitcoin and the ideas and philosophy of the Austrian School of Economics and we take a look at the broader picture, the economical context. What is money? How did mass-consumerism arise? Are cryptocurrencies a chance to change the existing economy, which is based on credit expansion, to the better?

Rahim is an economist, book author and principal of the Scholarium, a learning enterprise based in Vienna, Austria. He studied physics, sociology and economy and is an expert on the Austrian School of Economics.

The Austrian School of Economics has proved itself to be a more realistic outlook at the financial markets. – Rahim Taghizadegan, economist, book author and philosopher

The Austrian School of Economics has helped some people to better survive the up and downs of the market. – Rahim Taghizadegan, economist, book author and philosopher

It’s only with uncertainty that you have entrepreneurship and its only with uncertainty that you need money. – Rahim Taghizadegan, economist, book author and philosopher

Money is an emergent complex phenomenon. Money is not a concrete object in the world, but a phenomenon. It appears out of human interaction. – Rahim Taghizadegan, economist, book author and philosopher

I think with cryptocurrencies we see the very interesting phenomenon of something emerging at the fringes of society, it’s people trying out different things, playing with things and that is the usual way how innovation happens. – Rahim Taghizadegan, economist, book author and philosopher

China and Russia have a top down approach so they have not really welcomed cryptocurrencies. They should have, I think, because right now, the cryptocurrencies would be mainly a challenge for the Dollar. Going into cryptocurrencies reflects the reduced trust in the US-Dollar as the main reserve currency. – Rahim Taghizadegan, economist, book author and philosopher

We have an everything bubble now. We need something to hedge against. There would be a much bigger need for cryptocurrencies if they would provide countercyclical assets which are not just a result of the increase of the money supply. – Rahim Taghizadegan, economist, book author and philosopher

It’s pretty obvious that Satoshi Nakamoto has read Hayek and Mises. I can see the traces. – Rahim Taghizadegan, economist, book author and philosopher